新天綠色能源(00956.HK)：預期下半年天然氣板塊盈利有望改善，給予”買入“評級，目標價2.8港元
機構：國元證券
評級：買入
目標價2.80港元
2020年上半年盈利9.47億元人民幣，同比減少2.4%：
截至2020年6月30日止6個月，公司收入65.75億元人民幣，同比增長3.2%；毛利為人民幣18.9億元人民幣，同比下降2.4%；毛利率為28.7%，同比下降1.7個百分點。公司擁有人應占淨利潤9.47億元人民幣，同比減少2.4%；每股盈利24.45分。期內風電及光伏税後利潤為人民幣8.98億元，同比增加0.3%。天然氣税後利潤為人民幣3.31億元，同比下降4.0%。主要因為天然氣板塊管輸費下調帶來銷氣毛差的下降。
預期2020年全年新增風電裝機500MW以上：
上半年公司新增風機控股裝機容量320.6兆瓦，累計控股裝機容量4,736.4兆瓦；新增轉商業運營容量47.5兆瓦，累計運營項目容量3,753.7兆瓦。在建項目容量總計566兆瓦；風電核准未開工項目容量1，777MW。預期2020年全年新增風電裝機500MW以上。?預期下半年天然氣板塊盈利有望改善：2020年7月，公司發電量47.26萬兆瓦時，同比增加10.53%。1-7月累計完成發電量555.57萬兆瓦時，同比增加4.97%；上半年公司實現售氣量18.69億立方米，同比增長13.2%。7月售氣量1.68億立方米，同比增加0.87%。截至2020年7月31日，1-7月累計完成售氣量20.37億立方米，同比增加12.08%。隨着下半年天然氣需求的改善，預期下半年天然氣板塊盈利有望改善。
維持買入評級，目標價2.80港元：
公司將於2020年11月30日補發2019年股息，每股股息人民幣0.125元（含税），派息率34%，股息率約7%。我們更新公司盈利預測並結合行業內可比公司估值情況，給予公司目標價2.80港元，相當於2020年6倍PE和0.7倍PB，目標價較現價有35%上升空間，維持買入評級。
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